Forex tips: Tracking the smart rally in local equities in late-morning deals, the rupee appreciated further by 16 paise to quote at 63.76 against the dollar. Forex dealers said besides sustained selling of the American currency by banks as well, a higher opening in the domestic equity market supported the rupee, but dollar's gains against the euro restricted the upside. The rupee had gained 29 paise to 63.94 on Friday, recovering from a 20-month low against the American currency on fresh selling of dollars amid a rebound in equities. Meanwhile, the benchmark BSE Sensex rose 218.20 points, or 0.80 per cent, at 27,323.59 in early trade.
Sterling takes pause from election-inspired gains, focus on data, BoE
Sterling stepped back on Monday after an election-inspired bounce with the market focus turning to macro-economic data and whether the Bank of England might offer hints on when it will lift interest rates. BoE's monetary policy committee was to meet on Monday for the first under a new Conservative government but was unlikely to surprise anyone. It looked set to keep interest rates steady at the record low of 0.5 percent holding since 2009. But with an Inflation Report due out on Wednesday, expectations are growing the BoE could remind investors the next move is likely to be a rate hike, despite subdued prices. Wages and jobless data are also due this week, all of which should keep sterling bid, especially against the euro, traders said. Sterling was down 0.2 percent against the dollar at $1.5428 on Monday morning, having jumped 1.4 percent on Friday after Britain's May 7 election delivered a surprisingly clear verdict for the business-friendly Conservative Party.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment